I don't want to give a lecture to this body that's out there. You know, I mean, having had the heart attack, I want to get it back functioning. And as a practical matter, I mean if you were Bear Stearns, and you were a shareholder, you know, you lost 90 to 95 percent of your money. A good many lost their jobs. They lost very cushy lives, many of them.

Bad terminology is the enemy of good thinking.

There's no use running if you're on the wrong road.

Stocks are the only thing that people are happy to buy when the price goes up.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.

Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.